Source | hifives.in
Employee recognition has today become one of the most critical business processes for ensuring the success of an organization. That is why organizations are increasingly focusing on recognizing the hard work and achievements of their employees in a timely and effective manner. Doing so helps them develop a happy and productive workforce that is deeply committed to business growth. According to Gallup, an organization responsible for measuring employee engagement, having a great recognition system helps organizations drive engagement and also reinforce aspects that are valued within an organization’s culture. By assuring the employees that their efforts will be appreciated properly and in time, organizations can motivate them to continue giving their best.
However, despite the widespread awareness about the significance of employee appreciation and recognition, a large percentage of organizations are still not able to get the formula right. In fact, various surveys have revealed that less than one-third of employees feel truly valued and appreciated at work despite the fact that a vast majority of organizations have some kind of employee recognition program in place. The good news, however, is that a small percentage of organizations have actually been able to nail down the employee recognition strategy. They have attained success in integrating their recognition efforts with employee engagement, thereby improving the overall efficiency and retention of their workforce.
Organizations with excellent recognition programs
The key to creating a great employee recognition program is to look beyond giving something to high-performing employees and focus on creating a strong bond between the employees and the organization. Given below are examples of six companies that have managed to achieve this objective and come up with truly exclusive recognition programs that have helped to reinforce their employer brands and boost productivity:
Zappos is a multinational e-commerce chain boasting of a sizeable workforce and a layered employee recognition strategy designed to be in sync with the organization’s motto – ‘To Live and Deliver WOW!’. It is based on the peer-to-peer format and enables the employees to share low-cost and high-frequency rewards with one another. It also provides for peer-to-peer bonuses and HERO awards, complete with a proper HERO Cape. Another important feature of the organization’s recognition strategy is that it enables employees to earn Zappos Dollars for participating in various training programs and are redeemable at the office.
The organization excels in both employee recognition and engagement initiatives. Its reward strategy is focused on maintaining the novelty and uniqueness of the programs through ideas ranging from custom trophies, gift cards, and personalized merchandise to social buttons, as well as emblematic and symbolic awards. They also pay significant attention to building a work culture based on peer-to-peer recognition, creating strong relationships between employees and developing a teamwork mentality.